The American firm, which manages some $1 trillion in assets, said the move of its European headquarters should be effective “by the summer”.

Reporting on Sunday, the newspaper said that the decision was taken last year and was justified by “what we know about Brexit at the moment, which is probably 25% of what we will know in a year,” according to Robert Higginbotham, head of global investment services at T. Rowe Price.

The company, which manages $1 trillion (€806 billion) and also operates in Madrid, Milan, Zurich, Frankfurt, Amsterdam, Copenhagen and Stockholm, began the process of separating its British from its European activities with the Luxembourg regulator CSSF two weeks ago. If the London office will continue its activity, it will be limited to the British market, while Luxembourg will become the new nerve centre for managing of its activities on the old continent.

The move, planned for this summer, should result in the creation of “a handful of new positions in Luxembourg”. The firm has had a presence in the grand duchy since 2005, in a building on boulevard Prince Henri.

According to an EY study, quoted by the Financial Times, half of the 55 asset managers and asset managers who oversee some €25 billion are currently working or thinking about a reorganisation of their business to “guard against effects of Brexit.”

The same survey indicates that 41% of asset managers plan to set up in Luxembourg, with 37% choosing Dublin.